Hyderabad-based Everest Organics Limited (EOL) has developed a new active pharmaceutical ingredient (API) used in the manufacture of black fungus drugs. This API is developed under the name Posaconazole that is used in the manufacture of drugs that reduce the risk of black fungus after Covid.
The company has developed this API on an experimental basis at the R&D Center in Hyderabad. The company’s director Srikakarlapudi Sirisha told stock exchanges that it would be made commercially available soon. In a very short time, the company developed the Posaconazole API. Hyderabad-based Everest Organics supplies its APIs to 40 countries, including several pharma companies in the country. The company has already brought in Oseltamivir and Remdesivir, which are used in the treatment of Covid.
On Tuesday, the shares of Everest Organics registered a rise in the stock market on news that the company had developed an API used to treat black fungus. The shares of the company touched 20 per cent upper circuit on BSE and NSE and finally closed at Rs 399.50, up 19.99 per cent. The share has gained Rs 66.55 in a single day compared to Monday’s closing. The daily share trading volume also increased exponentially.